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K•• E••••••• U• D••••• L•••••• F••••• I•••

Business development companymanaged by K•• C••••• A•••••••Non-traded· SAN FRANCISCO, CA

A non-traded business development company, managed by K•• C••••• A•••••••, holding $1.4B across 90 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.4B
Borrowers: 90

Schedule of investments (307)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$1.91M
on non-accrual, 1 borrower
1 borrower on non-accrual, $1.91M principal; the largest is N•• E•• T••••••••• I•• ($1.91M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen N•• E•• T••••••••• I•• →
23 → 25
loans paying in kind
Loans paying in kind rose from 23 to 25 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$953M → $1.4B
fair value, 4 quarters
Its portfolio grew 47% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 2012839 · file 814-01724Show

Fair value

$1.4B

as of Jun 30, 2026

Principal held

$1.7B

debt pieces, the filer's figure

Cost

Not disclosed

no schedule read

Unfunded

Not disclosed

commitments not yet drawn

Positions

307

90 borrowers

First lien

not established

100% debt by fair value

Quarters on the tape

since Jun 30, 2024

Facilities held

27 sponsors financed

Portfolio through time

Fair value by quarter end$1.4B as of Jun 30, 2026

Jun 30, 2024$504M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.4B	90	n/a	25	479 bp
Mar 31, 2026	$1.3B	88	n/a	23	484 bp
Dec 31, 2025	$1.3B	86	n/a	23	488 bp
Sep 30, 2025	$992M	78	n/a	19	500 bp

All 9 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$953M	75	n/a	16	507 bp
Mar 31, 2025	$894M	74	n/a	11	518 bp
Dec 31, 2024	$759M	68	n/a	6	531 bp
Sep 30, 2024	$657M	65	n/a	4	544 bp
Jun 30, 2024	$504M	60	n/a	6	571 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Full timeline · 20 events

Spread increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Returned to accrualJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Returned to accrualJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S•••••• E•••••• I•• other
4 BDCs hold it · matures Dec 23, 2032 · possible sponsor W•••••• P••••• L••
$65.5M n/a
W••••••• I•• other
6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••
$64.4M n/a
B••••••• L•• other
4 BDCs hold it · matures Mar 5, 2032 · possible sponsor V•••• E••••• P••••••• M••••••••• L••
$61.5M n/a
F•••••••• R••• S••••• L•• other
6 BDCs hold it · matures Mar 4, 2032 · T•• S••••••• G••••• L•••
$60.2M n/a
R••••••••• C•••••• M••••••••• L• other
4 BDCs hold it · matures Dec 2, 2032 · possible sponsor V••••• G••••• I•••••••• L•
$49.4M n/a
C•••• G••••• other
4 BDCs hold it · matures Mar 8, 2029
$49.2M n/a
P•• P••••• S••••••• other
4 BDCs hold it · matures Oct 15, 2032 · possible sponsor K••••••• • C••••••
$48.3M n/a
C•••••••• T••••••••• L•• other
4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••
$45.6M n/a
N••••••• T••••••••• I•• other
6 BDCs hold it · matures Aug 25, 2031
$44.2M n/a
V•••••••• L•• other
4 BDCs hold it · matures Nov 21, 2031 · possible sponsor A••• P••••••• L••
$40.7M n/a
H•••••• C•• B•••• L•• other
5 BDCs hold it · matures Mar 29, 2032
$40.1M n/a
L••••• F•••• L•• other
3 BDCs hold it · matures Oct 31, 2031 · possible sponsor L••••••••• • C••• L••
$37.5M n/a

Schedule of investments at Jun 30, 2025

238 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R•• I•••••••• B•••••••• I••	unstated lien unstated	$1.9M	$0	S+475 bp	Nov 1, 2029
S•••••• E•••••• I••	unstated lien unstated	$2.7M	$0	S+475 bp	Aug 15, 2031
R••••••••• C•••••• M••••••••• L•	unstated lien unstated	$1.5M	$0	S+475 bp	Apr 4, 2031
C•••••• G•••• •••••• N•• G•••••	unstated lien unstated	$422,000	$0	S+450 bp	Dec 1, 2028
C•••••••• T••••••••• L••	unstated lien unstated	$3.2M	$0	S+475 bp	Feb 13, 2032
C•••••••• T••••••••• L••	unstated lien unstated	$1.2M	$0	S+475 bp	Feb 13, 2032
I•••••• G••••• L••	unstated lien unstated	$4.8M	$0	S+500 bp	Sep 22, 2028
A•••••• E••••••••• ••• H••••••• E••••••••• S••••••• I•••	unstated lien unstated	$944,000	$0	S+500 bp	Jan 31, 2031
D••••• C•••••••• I••	unstated lien unstated	$3.1M	$0	S+450 bp	Jun 13, 2031
F••••••••• R••• P••••••• C•••	unstated lien unstated	$1.1M	$0	S+575 bp	Oct 29, 2029
C•••••••• T••••••••• L••	unstated lien unstated	$6.5M	$0	S+575 bp	Feb 13, 2032
N••••••• T••••••••• I••	unstated lien unstated	$3.9M	$0	S+475 bp	Aug 25, 2031
I•••••••• M•••••••• G•••• L••	unstated lien unstated	$5.0M	$0	S+500 bp	Aug 25, 2028
A••••••• S•••••••• G•••• L••	unstated lien unstated	$452,000	$0	S+525 bp	Feb 28, 2030
W••••• E••••••••• G•••• L••	unstated lien unstated	$131,000	$0	S+500 bp	Oct 2, 2028
I•••••••• M•••••••• G•••• L••	unstated lien unstated	$1.2M	$0	S+500 bp	Aug 25, 2028
R••••••	unstated lien unstated	$1.2M	$0	S+575 bp	Aug 31, 2028
E•••• R•••••• S••••••• R••••• I••	unstated lien unstated	$1.1M	$0	S+450 bp	Jun 14, 2032
M•• D••••• S•••••••• L••	unstated lien unstated	$1.1M	$0	S+550 bp	Feb 13, 2031
M•••••••••	unstated lien unstated	$98,000	$0	S+500 bp	Sep 15, 2027
R••• P•••• L••	unstated lien unstated	$188,000	-$1,000	S+475 bp	Apr 28, 2032
H•••••• C•• B•••• L••	unstated lien unstated	$1.4M	-$1,000	S+450 bp	Mar 29, 2032
V•••••• I••••••••• P••••••••• I••	unstated lien unstated	$481,000	-$2,000	S+475 bp	Jan 30, 2032
Z••• I••••••••• P••••••• I••	unstated lien unstated	$1.4M	-$3,000	S+550 bp	Feb 28, 2030
E•••• R•••••• S••••••• R••••• I••	unstated lien unstated	$1.2M	-$3,000	S+450 bp	Jun 14, 2032
R••• P•••• L••	unstated lien unstated	$1.5M	-$4,000	S+475 bp	Apr 28, 2032
P•• P••••• S•••••••	unstated lien unstated	$2.5M	-$5,000	S+475 bp	Jan 22, 2032
P•• P••••• S•••••••	unstated lien unstated	$2.7M	-$5,000	S+475 bp	Jan 22, 2032
W••• S••• A••••••• I••	unstated lien unstated	$1.8M	-$7,000	S+450 bp	May 20, 2032
V•••	unstated lien unstated	$1.9M	-$7,000	S+475 bp	Jan 6, 2031
V•••••• I••••••••• P••••••••• I••	unstated lien unstated	$1.6M	-$8,000	S+475 bp	Jan 30, 2032
R••• P•••• L••	unstated lien unstated	$3.4M	-$10,000	S+475 bp	Apr 28, 2032
T•••••••• S••••••• I••	unstated lien unstated	$1.6M	-$12,000	S+500 bp	Jun 17, 2031
B••••••• L••	unstated lien unstated	$3.3M	-$17,000	S+500 bp	Mar 5, 2032
P•• P••••• S•••••••	unstated lien unstated	$10.3M	-$21,000	S+475 bp	Jan 22, 2032
B•• G•••• L••	unstated lien unstated	$6.1M	-$100,000	S+525 bp	Aug 16, 2027
B•• M••••• U••• T••••••• F•••	unstated lien unstated	Not disclosed	Not disclosed
S•••• S••••• I••••••••• U••• G••••••••• M•••• M••••• F•••	unstated lien unstated	Not disclosed	Not disclosed

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 9reported10-Q and 10-K since 2022
Former names: K•• E••••••• U• D••••• L•••••• F•••••reported
Latest schedule: 0001628280-26-056657reported

Not yet on record: mark on cost, first lien.